Here at the Injury Board, we have for a long time been writing about how, through a process of delay and defend, insurance companies have been working to reduce their costs. It does seem interesting, that over time those costs seem to be eaten up by eventual litigation and commonsense juries.
The latest growing area for reducing rates is to give you less coverage. It is amazing how many new exceptions, exclusions, and downright deceptions we are now seeing in insurance policies. It again points out how vital a good knowledgeable agent is to you when you buy your policy. Now, if you never use your policy, and all you do is pay premiums, then the lowest price always makes sense economically. The problem is, when you do need to use it, you need to make sure you have the coverages you bought. It is important that you make sure your underinsured motorist (UIM) coverage provides you coverage in every situation and that there are no work, family, or other crazy exclusions which can prevent you from getting the coverage you purchased.
If you buy collision coverage, make sure that it does not give the company the right to use secondhand parts. Make sure it allows you to go to the repair shop of your choice. Make sure it gives you the coverage that you are asking for.
With your no-fault coverage (which provides for medical, wage loss, and replacement services), make sure it does not have deductibles. Make sure that it is enough wage loss to protect you if you need it. Also, make sure that you have stacking if you have multiple cars on the policy. This will double your benefits at a very small additional price.
It seems clear that these companies that are selling insurance over the internet and through brokers are really saving you money by providing you less coverage. It is only through looking at your policy, and considering these issues, that you can ensure you have the protection you need and paid for.
A founding partner with Bradshaw & Bryant, Mike Bryant has always fought to find justice for his clients—knowing that legal troubles, both personal injury and criminal, can be devastating for a family. Voted a Top 40 Personal Injury "Super Lawyer" multiple years, Mr. Bryant has also been voted one of the Top 100 Minnesota "Super Lawyers" four times.